New Home Mortgage Applications in U.S. Jump 7 Percent in March

Based on the Mortgage Bankers Association's newly released Builder Application Survey for March 2019, U.S. mortgage applications for new home purchases increased 7 percent compared to a year ago. Compared to February 2019, applications increased by 19 percent. This change does not include any adjustment for typical seasonal patterns.
"With a strong job market, rising wages and lower mortgage rates, housing demand remains strong, as shown by the solid 7 percent growth in new home purchase applications in March," said Mike Fratantoni, MBA Senior Vice President and Chief Economist. "The confluence of declining mortgage rates with the spring buying season is supporting stronger housing demand and activity. Additionally, the drop in average loan size suggests that builders are tilting production to lower-priced homes, which continues to see the tightest inventories and strongest home-price growth."